Parliament approves VAT on building land

Parliament approves VAT on building land

The new bill imposing VAT on building land has been approved by parliament and will come into force on 2nd January 2018 some ten years after the deadline set by the European Union. Parliament on Friday (3/11/2017) approved a bill imposing 19 per cent VAT on the sale of building land, fulfilling an EU condition some 10 years after the original deadline.The bill passed with the ...
Real Estate Tuesday, 07 November, 2017
Paphos residents fear landslide

Paphos residents fear landslide

Residents and businesses in the Mousallas area of Paphos are concerned that their properties could be damaged by a landslide as huge rocks are moving down the hillside above them. Paphos authorities are taking urgent action following complaints from residents and businesses in the Mousallas area of Paphos that they fear land movement and piles of rocks tumbling down the h...
Local Wednesday, 01 November, 2017
Construction helps Cyprus exit recession

Construction helps Cyprus exit recession

The intensive activity recorded in the construction sector proves the government’s focus on exiting the vicious cycle of economic recession and making Cyprus an attractive destination for foreign investors, President Nicos Anastasiades has said.  Laying the cornerstone of what is to be Nicosia’s tallest building, named ‘360’, Anastasiades said &ldq...
Local Tuesday, 31 October, 2017
Peyia goes to court over Vasiliou Project

Peyia goes to court over Vasiliou Project

PEYIA municipality is challenging the government’s decision to issue a planning permit for a massive development on a hillside overlooking Peyia and is taking the town planning department in Nicosia to court. This is the first time that the local authority has taken such a step. In the last 18 months, Peyia council has raised documented concerns over the development incl...
Local Monday, 23 October, 2017
IMF Statement

IMF Statement

In a Concluding Statement following its recent mission to Cyprus, the IMF has made a number of recommendations on real estate including reinstating the annual Immovable Property Tax (IPT), raising transfer fees and streamlining the procedures from issuing and transferring Title Deeds: Policy adjustments may be needed to avoid a potentially unsustainable increase in constructio...
International Tuesday, 17 October, 2017
UPDATE: PAPHOS MARINA

UPDATE: PAPHOS MARINA

The Pafilia Group should hear by the end of the month whether it has met the required criteria to build the Paphos marina, which has been stalled by bureaucracy and legal battles for more than a decade. Andreas Demitriades told the Cyprus Mail on Monday that he expects a decision to be made before the end of October. “The Pafilia Group were asked to provide all of the n...
Local Wednesday, 11 October, 2017
Property prices continued to rise (RICS)

Property prices continued to rise (RICS)

This is the thirtieth publication of RICS’ Cyprus Property Price Index, a quarterly price and rental index which is based on methodology produced by the University of Reading, UK. The Index tracks property and rental prices across all districts and main property types. Introduction & Commentary During the first quarter of 2017 the Cyprus economy showed further signs...
Local Saturday, 16 September, 2017
Airlines to get new incentives for flying to Cyprus

Airlines to get new incentives for flying to Cyprus

Cyprus airports are ready to offer higher incentives to airlines to ensure improved flight connectivity and passenger greater traffic. The Ministry of Communications and Works and airports operator Hermes Airports, announced the signing of their commercial agreement which regulates the incentive scheme offered to airlines. The scheme covering the period 2018-2023 is offered t...
Business Friday, 08 September, 2017
The Cyprus economy is surging ahead

The Cyprus economy is surging ahead

The Cyprus economy is running at a high rate of growth, at an estimated 3.6% in the second quarter of 2017, compared with the corresponding quarter of 2016. After GDP and seasonal fluctuations, the growth rate of the economy is estimated at 3.5%, compared to 3.7% in the first quarter of the year. The percentage change on a quarterly basis was 0.9%. Finance Minister Harris Geo...
Local Saturday, 02 September, 2017
Cyprus to introduce stricter criteria for older drivers

Cyprus to introduce stricter criteria for older drivers

The Law Office of the Republic is looking over proposed legislation on the tests drivers aged over 70 will need to undergo to be allowed to stay on the road. Speaking to ACTIVE radio on Friday, Communications Minister Marios Demetriades said the proposed legislation included more frequent checks to ensure elderly drivers fulfilled a number of criteria. The proposal has become...
Local Friday, 01 September, 2017
Vote imposing VAT on land sales postponed

Vote imposing VAT on land sales postponed

A vote by the Cyprus government on a bill to impose 19 percent VAT on land sales (building and development plots) has been postponed until September; the draft bill will be sent to the EC. The legislation concerns the imposition of VAT on land sales for commercial property transactions. On acceding to the EU in 2004, Cyprus was granted a derogation from the relevant VAT direc...
Real Estate Tuesday, 11 July, 2017
Global oil and East-Med natural gas

Global oil and East-Med natural gas

This article is based on a presentation I made at the fourth Energy Symposium organised by the Institute of Energy for South East Europe (IENE) and Financial Media Way (FMW) on December 7-8 at the Hilton-Park in Nicosia. The symposium was opened by President Nicos Anastasiades, who called for regional cooperation for the development of East-Med gas resources. It started with ...
Business Monday, 14 December, 2015
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